Axios: US faces banking crisis if administration doesn't bail out Silicon Valley Bank

“Biden faces a catastrophic banking crisis if the US government fails to arrange a deal to save Silicon Valley Bank depositors before branches open tomorrow,” Axios said in a post.

Earlier it became known that a large bank Silicon Valley Bank was closed in California.

US Treasury Secretary Janet Yellen said the US authorities will not bail out bankrupt SVB.

Prior to that, she also noted that a default in the United States would lead to disaster.